xbrli:pureiso4217:DKK317742762019-01-012019-12-31317742762019-01-012019-12-311317742762019-01-012019-12-311317742762019-01-012019-12-31317742762018-01-012018-12-31317742762019-01-012019-12-31fsa:ProposedDividendRecognisedInEquityMember317742762018-01-012018-12-31fsa:ProposedDividendRecognisedInEquityMember317742762019-01-012019-12-31fsa:RetainedEarningsMember317742762018-01-012018-12-31fsa:RetainedEarningsMember317742762019-01-012019-12-31fsa:RetainedEarningsMember317742762019-01-012019-12-31fsa:ProposedDividendRecognisedInEquityMember317742762019-12-31317742762018-12-31317742762019-01-01fsa:ContributedCapitalMember317742762019-01-01fsa:RetainedEarningsMember317742762019-01-01fsa:ProposedDividendRecognisedInEquityMember317742762019-01-01317742762019-12-31fsa:ContributedCapitalMember317742762019-12-31fsa:RetainedEarningsMember317742762019-12-31fsa:ProposedDividendRecognisedInEquityMembertrue339635562018-01-012018-12-31Odense51005Tværkajen, Postboks 10Deloitte Statsautoriseret RevisionspartnerselskabKøbenhavnKøbenhavn Ø2100Regnskabsklasse BErklæring om udvidet gennemgang2019-12-312019-01-01st<br /><br />26OdensegadeWind And Water ApS31774276339635560900 København CWeidekampsgade 6, Postboks 1600Deloitte Statsautoriseret RevisionspartnerselskabÅrsrapportThe Executive Board have today considered and approved the annual report of Wind And Water ApS for the financial year 01.01.2019 - 31.12.2019.The annual report is presented in accordance with the Danish Financial Statements Act.In my opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2019 and of the results of its operations for the financial year 01.01.2019 - 31.12.2019.I believe that the management commentary contains a fair review of the affairs and conditions referred to therein.I recommend the annual report for adoption at the Annual General Meeting.København2020-08-28Morten MilthersTo the shareholders of Wind And Water ApSWe have performed an extended review of the financial statements of Wind And Water ApS for the ​financial year 01.01.2019 - 31.12.2019, which comprise the income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act. ​Based on our extended review, in our opinion, the financial statements give a true and fair view of the Entity’s ​financial position at. 31.12.2019 and of the results of its operations for the financial year 01.01.2019 - 31.12.2019 in accordance with the Danish Financial Statements Act.We conducted our extended review in accordance with the assurance engagement standard for small enterprises as issued by the Danish Business Authority and the standard on extended review of financial statements prepared in accordance with the Danish Financial Statements Act as issued by FSR - Danish Auditors. Our responsibilities under those standards and requirements are further described in the ”Auditor’s responsibilities for the extended review of the financial statements” section. We are independent of the Entity in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code) and the additional requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion.Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Management is responsible for assessing the Entity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern, and using the going concern basis of accounting unless Management either intends to liquidate the Entity or to cease operations, or has no realistic alternative but to do so.Our responsibility is to express a conclusion on the financial statements. This requires that we plan and perform procedures to obtain limited assurance about our conclusion on the financial statements and that we also perform specifically required supplementary procedures for the purpose of obtaining additional assurance about our conclusion. An extended review consists of making inquiries, primarily of management and, if appropriate, of other entity personnel, performing analytical and the specifically required supplementary procedures as well as evaluating the evidence obtained. The procedures performed in an extended review are less in scope than in an audit, and accordingly we do not express an audit opinion on the financial statements.Management is responsible for the management commentary. Our opinion on the financial statements does not cover the management commentary, and we do not express any form of assurance conclusion thereon. In connection with our extended review of the financial statements our responsibility is to read the management commentary and, in doing so, consider whether the management commentary is materially inconsistent with the financial statements or our knowledge obtained in the extended review or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the management commentary provides the information required under the Danish Financial Statements Act.<br />Based on the work we have performed, we conclude that the management commentary is in accordance with financial statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement of the management commentary.Odense2020-08-28Anders Floumne32777State Authorised Public AccountantPrimary activitiesThe company’s principal activity is to provide consulting services in the maritime area.Development in activities and financesProfit for the year 2019 amounted DKK 65k. Profit for the year is influenced by continued intensified competition in the market. On this basis the management considers the profit for the year as satisfactory.Events after the balance sheet dateNo events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report. Since the company is generally influenced by the economy of society, the company's activity level will naturally become influenced in 2020 by COVID-19. At this stage it is not possible to determine the extent thereof. 9153311797442798543131600511678848143710805459340231611683845470780190691068616477636391910000001000000-935224-636081-9352241000000299702997029970299702997029970669215892240316630114996400059754099397365785544254595401883477347325324995893532793438306635627634413036125000125000120439521396191000000100000023293953264619125000213961910000003264619125000120439510000000480109695889829246450177951134332799594455221233368114841712333681148417356276344130360-1000000-10000001 Events after the balance sheet dateNo events have occurred after the balance sheet date to this date, which would influence the evaluation of ​this annual report. Since the company is generally influenced by the economy of society, the company's activity level will naturally become influenced in 2020 by COVID-19. At this stage it is not possible to determine the extent thereof.2 Staff costs2019 DKK2018 DKKWages and salaries567,9391,025,601Pension costs216,379269,593Other social security costs14,22520,811798,5431,316,005Average number of full-time employees12123 Other financial expenses2019 DKK2018 DKKFinancial expenses from group enterprises18,3470Other interest expenses9,1269,306Exchange rate adjustments5,8493,399Other financial expenses7013,41134,02316,116<br />2019 DKK2018 DKKFinancial expenses from group enterprises18,3470Other interest expenses9,1269,306Exchange rate adjustments5,8493,399Other financial expenses7013,41134,02316,1164 Tax on profit/loss for the year2019 DKK2018 DKKCurrent tax17,094110,022Change in deferred tax1,975(3,161)19,069106,8615 Unrecognised rental and lease commitments2019 DKK2018 DKKLiabilities under rental or lease agreements until maturity in total3,00033,0006 Contingent liabilitiesThe Entity participates in a Danish joint taxation arrangement where Morten Milthers Consult ApS serves as the administration company. According to the joint taxation provisions of the Danish Corporation Tax Act, the Entity is therefore liable for income taxes etc for the jointly taxed entities and for obligations, if any, relating to the withholding of tax on interest, royalties and dividend for the jointly taxed entities. The jointly taxed entities' total known net liability under the joint taxation arrangement is disclosed in the administration company's financial statements.This annual report has been presented in accordance with the provisions of the Danish Financial Statements Act governing reporting class B enterprises with addition of certain provisions for reporting class C.The accounting policies applied to these financial statements are consistent with those applied last year.falseRecognition and measurementAssets are recognised in the balance sheet when it is probable as a result of a prior event that future economic benefits will flow to the Entity, and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the value of the liability can be measured reliably. On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial recognition is effected as described below for each financial statement item. Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and measurement. Income is recognised in the income statement when earned, whereas costs are recognised by the amounts attributable to this financial year.Foreign currency translationOn initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction date. Receivables, payables and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date are translated using the exchange rate at the balance sheet date. Exchange differences that arise between the rate at the transaction date and the rate in effect at the payment date, or the rate at the balance sheet date, are recognised in the income statement as financial income or financial expenses. Property, plant and equipment, intangible assets, inventories and other non-monetary assets that have been purchased in foreign currencies are translated using historical rates.Gross profit or lossGross profit or loss comprises revenue, cost of sales and external expenses.RevenueRevenue from the sale of services is recognised in the income statement when delivery is made to the buyer. Revenue is recognised net of VAT, duties and sales discounts and is measured at fair value of the consideration fixed.Contract work in progress is included in revenue based on the stage of completion so that revenue corresponds to the selling price of the work performed in the financial year (the percentage-of-completion method).Cost of salesCost of sales comprises goods consumed in the financial year measured at cost, adjusted for ordinary inventory writedowns.Other external expensesOther external expenses include expenses relating to the Entity’s ordinary activities, including expenses for premises, stationery and office supplies, marketing costs, etc. This item also includes writedowns of receivables recognised in current assets.Staff costsStaff costs comprise salaries and wages, and social security contributions, pension contributions, etc for entity staff.Other financial incomeOther financial income comprises dividends etc received on other investments, interest income, including interest income on receivables from group enterprises, net capital or exchange gains on payables and transactions in foreign currencies and tax relief under the Danish Tax Prepayment Scheme etc.Other financial expensesOther financial expenses comprise interest expenses, including interest expenses on payables to group enterprises, net capital or exchange losses on payables and transactions in foreign currencies and tax surcharge under the Danish Tax Prepayment Scheme etc.Tax on profit/loss for the yearTax for the year, which consists of current tax for the year and changes in deferred tax, is recognised in the income statement by the portion attributable to the profit for the year and recognised directly in equity by the portion attributable to entries directly in equity.The Entity is jointly taxed with Morten Milthers Consult ApS and all Danish group enterprises. The current Danish income tax is allocated among the jointly taxed entities proportionally to their taxable income (full allocation with a refund concerning tax losses).Other investmentsOther investments comprise unlisted securities measured at the lower of cost and net realisable value.ReceivablesReceivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and doubtful debts.Contract work in progressContract work in progress is measured at the selling price of the work carried out at the balance sheet date. The selling price is measured based on the stage of completion and the total estimated income from the individual contracts in progress. Usually, the stage of completion is determined as the ratio of actual to total budgeted consumption of resources. Costs of sales work and of securing contracts, and finance costs are recognised in the income statement as incurred.Deferred taxDeferred tax is recognised on all temporary differences between the carrying amount and the tax-based value of assets and liabilities, for which the tax-based value is calculated based on the planned use of each asset. Deferred tax assets, including the tax base of tax loss carryforwards, are recognised in the balance sheet at their estimated realisable value, either as a set-off against deferred tax liabilities or as net tax assets.PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at cost.CashCash comprises cash in hand and bank deposits.DividendDividend is recognised as a liability at the time of adoption at the general meeting. Proposed dividend for the financial year is disclosed as a separate item in equity. Extraordinary dividend adopted in the financial year is recognised directly in equity when distributed and disclosed as a separate item in Management's proposal for distribution of profit/loss.Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value.Income tax receivable or payableCurrent tax receivable or payable is recognised in the balance sheet, stated as tax computed on this year's taxable income, adjusted for prepaid tax.2020-08-28Morten Milthers